BUY OR RENT?

May 21, 2015

KeyToLifestyle Newsletter: BUY OR RENT CALCULATOR

According to an article published by a Trulia contributor in October 2014, a 30-year fixed rate of 4.5% shows that buying is 38% cheaper than renting nationally. In 2013, it was 44% cheaper. As we all know prices have been increasing, but interest rates have kept rising home costs less expensive. As a matter of fact rents have risen faster than prices; therefore, homeownership is still cheaper than renting. The article also indicates that for renting to be cheaper, rates would have to rise to a 10.6% and has not yet happened. Interest rates published by yahoo.com as of May 16, 2015 are below for reference.

 
More mortgage rates on Yahoo Finance
Mortgage Rates near Stem, North Carolina

finance.yahoo.com

Loan TypeTodayLast WeekChange

30 Yr Fixed3.83%3.82%0.01%

15 Yr Fixed2.98%2.99%-0.01%

30 Yr Fixed Refi3.92%3.86%0.06%

15 Yr Fixed Refi3.10%3.03%0.07%

5/1 ARM Refi3.38%3.24%0.14%

More mortgage rates on Yahoo Finance

 

 

Try this Trulia calculator to see how much you are paying in rent and see if buying makes sense to you.

http://www.trulia.com/rent_vs_buy/

 

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